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Iraq growth may accelerate on oil income
29/08/2007

DUBAI, Aug 29 (Reuters) - Iraqi economic growth may accelerate this year, spurred by higher oil revenue, the country's deputy central bank governor said on Wednesday.

Iraq's economy, which relies on oil for almost all its export revenue, grew 6.2 percent last year thanks to higher oil prices.

U.S. crude oil prices hit a record $78.77 a barrel on August 1.

"Growth may be significantly more than 6.2 percent, but part of it will depend on the sale of crude oil and the price," Ahmad Mohamad al-Juboory told Reuters on the sidelines of an Iraq reconstruction conference in Dubai.

The International Monetary Fund said earlier this year it expected the economy to grow about 6.3 percent in 2007.

Iraq produced 2.07 million barrels of oil per day last month, making it the Middle East's fifth-largest producer, according to a Reuters survey

Juboory also said the central bank is considering three applications from Iraqi investors to set up banks, including one that complies with Islamic law.

"The banking sector is profitable and by helping it expand it is developing the economy," he said.

Iraq growth may accelerate on oil income -  Source


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